The top-three positions are
Incyte Corporation, Seattle Genetics, and BeiGene and they add up to
almost ~56% of the portfolio.

This article is part of a series that provides an ongoing
analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly
basis. It is based on Baker Brothers’ regulatory 13F Form filed on 08/14/2018.

This quarter, Baker Brothers’ 13F portfolio increased ~13%
from $11.80B to $13.31B. The top three holdings are at ~56% while the top five
holdings are close to ~69% of the 13F assets: Incyte Corporation (INCY),
Seattle Genetics (SGEN), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and
BioMarin Pharmaceuticals (BMRN).

The spreadsheet below highlights changes to Baker Brothers’
13F holdings in Q2 2018. For a look at how the portfolio has progressed, please
see our previous
update: